IMAGE  EVALUATION 
TEST  TARGET  (MT-3) 


'^O 


o 


V 


^S 


^ 


<)\    4iP      «-; 


L^< 


0", 


/ 


1.0 


I.I 


11^ 

IIIIIM 
itIM 


IIM 

22 

1.8 


1.25 

1.4 

i.6 

-^ 6"     — 

► 

.  lie 
Sciaices 
Corporation 


23  WEST  MAIN  STREET 

WEBSTER,  NY.  14580 

(716)  872-4503 


« 


^ 


\ 


:\ 


\ 


4v 


6^ 


o 


^^ 


'/^ 


■%^ 


"% 


n? 


I  : 


I 


is 


^< 


C?- 


w, 


Ua 


CIHM/ICMH 

Microfiche 

Series. 


CIHM/ICMH 
Collection  de 
microfiches. 


Canadian  Institute  for  Historical  Microreproductions  /  Institut  Canadian  de  microreproductions  historiques 


^ 


Technical  and  Bibliographic  Notes/Notes  techniques  at  bibliographiques 


The  Institute  has  attempted  to  obtain  the  best 
original  copy  available  for  filming.  Features  of  this 
copy  v/hich  may  be  bibliographically  unique, 
whicn  may  alter  any  of  the  images  in  the 
reproduction,  or  which  may  significantly  change 
the  usual  method  of  filming,  are  checked  below. 


L'Institut  a  microfilmd  le  meilleur  exemplaire 
qu'il  lui  a  6t6  possible  de  se  procurer.  Les  details 
de  cet  exemplaire  qui  sont  peut-dtre  uniques  du 
point  de  vue  bibliographique,  qui  peuvent  modifier 
uno  image  reproduite,  ou  qui  peuvent  exiger  une 
modification  dans  la  m^thode  normale  de  filmage 
sont  indiqu6s  ci-dessous. 


rr/l    Coloured  covers/ 

IX  I    Couverture  de  couleur 

□    Covers  damaged/ 
Couverture  endommag^e 

□    Covers  restored  and/or  laminated/ 
Couverture  restaur6e  et/ou  pellicul6e 

I      I    Cover  title  missing/ 


D 
D 
D 
D 
D 


□ 


Le  titre  de  couverture  manque 

Coloured  maps/ 

Cartes  g^ographiques  en  couleur 

Coloured  ink  (i.e.  other  than  blue  or  black)/ 
Encre  de  couleur  (i.e.  autre  que  bleue  ou  noire) 

Coloured  plates  and/or  illustrations/ 
Planches  et/ou  illustrations  en  couleur 

Bound  with  other  material/ 
Reli6  avec  d'autres  documents 

Tight  binding  may  cause  shadows  or  distortion 
along  interior  margin/ 

La  reliure  serr^e  peut  causer  de  I'ombre  ou  de  la 
distortion  le  long  de  la  marge  intdrieure 

Blank  leaves  added  during  restoration  may 
appear  within  the  text.  Whenever  possible,  these 
have  been  omitted  from  filming/ 
II  se  peut  que  cjrtaines  pages  blanches  ajout^es 
lors  d'une  restauration  apparaissent  dans  le  texte, 
mais,  lorsque  cela  6tait  possible,  ces  pages  n'ont 
pas  6t6  filmdes. 


D 

D 
D 

n 
n 

D 
D 


Coloured  pages/ 
Pages  de  couleur 

Pages  damaged/ 
Pages  endommag6es 

Pages  restored  and/or  laminated/ 
Pages  restaur^es  et/ou  pellicul^es 

Pages  discoloured,  stained  or  foxed/ 
Pages  d^color^es,  tachet^es  ou  piqu6es 

Pages  detached/ 
Pages  d^tach^es 

Showthrough/ 
Transparence 

Quality  of  print  varies/ 
Quality  indgale  de  I'impression 

Includes  supplementary  material/ 
Comprend  du  materiel  supplementaire 

Only  edition  available/ 
Seule  Edition  disponible 

Pages  wholly  or  partially  obscured  by  errata 
slips,  tissues,  etc.,  have  been  refilmed  to 
ensure  the  best  possible  image/ 
Les  pages  totalement  ou  partiellement 
obscurcies  par  un  feuillet  d'errata,  une  pelure, 
etc.,  ont  6t6  film6es  d  nouveau  de  fapon  d 
obtenir  la  meilleure  image  possible. 


D 


Additional  comments:/ 
Commentaires  suppldmentaires: 


This  item  is  filmed  at  the  reduction  ratio  checked  below/ 

Ce  document  est  film^  au  taux  de  reduction  indiqu6  ci-dessous. 


10X 

14X 

18X 

22X 

26X 

30X 

1 

a 

1 

12X 


16X 


20X 


24X 


28X 


32X 


e 

Stalls 
s  du 
lodifier 
r  une 
ilmage 


The  copy  filmed  here  has  been  reproduced  thanks 
to  the  generosity  of: 

Library  of  Congress 
Photoduplication  Service 

The  images  appearing  here  are  the  best  quality 
possible  considering  the  condition  and  legibility 
of  the  original  copy  and  in  keeping  with  the 
filming  contract  specifications. 


L'exemplaire  film6  fut  reproduit  grdce  d  la 
g6n6ro8it6  de: 

Library  of  Congress 
Photoduplication  Service 

Les  images  suivantes  ont  6X6  reproduites  avec  le 
plus  grand  soin,  compte  tenu  de  la  condition  et 
de  la  nettetd  de  l'exemplaire  i\\m6.  et  en 
conformity  avec  les  conditions  du  contrat  de 
filmage. 


Original  copies  in  printed  paper  covers  are  filmed 
beginning  with  the  front  cover  and  ending  on 
the  last  page  with  a  printed  or  illustrated  impres- 
sion, or  the  back  cover  when  appropriate.  All 
other  original  copies  are  filmed  beginning  on  the 
first  page  with  a  printed  or  illustrated  impres- 
sion, and  ending  on  the  last  page  with  a  printed 
or  illustrated  impression. 


»es 


Les  exemplaires  originaux  dont  la  couverture  en 
papier  est  imprim6e  sont  film6s  en  commenpant 
par  le  premier  plat  et  en  terminant  soit  par  la 
dernidre  page  qui  comporte  une  empreinte 
d'impression  ou  d'illustration,  soit  par  le  second 
plat,  selon  le  cas.  Tous  Ses  autres  exemplaires 
originaux  sont  filmds  en  commengant  par  la 
premidre  page  qui  comporte  une  empreinte 
d'impression  ou  d'illustration  et  en  terminant  par 
la  dernidre  page  qui  comporte  une  telle 
empreinte. 


The  last  recorded  frame  on  each  microfiche 
shall  contain  the  symbol  ^^  (meaning  "CON- 
TINUED"), or  the  symbol  V  (meaning  "END"), 
whichever  applies. 


Un  des  symboles  suivants  apparaltra  sur  la 
dernidre  image  de  cheque  microfiche,  selon  le 
cas:  le  symbole  — ^-  signifie  "A  SUIVRE",  le 
symbole  V  signifie  "FIN". 


re 


Maps,  plates,  charts,  etc.,  may  be  filmed  at 
different  reduction  ratios.  Those  too  large  to  be 
entirely  included  in  one  exposure  are  filmed 
beginning  in  the  upper  left  hand  corner,  left  to 
right  and  top  to  bottom,  as  many  frames  as 
required.  The  following  diagrams  illustrate  the 
method: 


Les  cartes,  planches,  tableaux,  etc.,  peuvent  dtre 
film6s  6  des  taux  de  reduction  diffdrents. 
Lorsque  le  document  est  trop  grand  pour  dtre 
reproduit  en  un  seui  clichd,  il  est  film6  d  partir 
de  Tangle  supdrieur  gauche,  de  gauche  6  droite, 
et  de  haut  en  bas,  en  prenant  le  nombre 
d'images  ndcessaire.  Les  diagrammes  suivants 
illustrent  la  mdthode. 


y  errata 
id  to 

rtt 

ie  pelure, 

pon  d 


1 

2 

3 

32X 


1 

2 

3 

4 

5 

6 

^rMMWJas-rvapQWMwrHnMOMiHPq^VVifitni^ 


HNS 


BE 


AN    EXPOSURE 

SHOWING  THAT 


INDIDS  OF 


HAVE  DISAPPEARED, 


AND 


HUNDREDS  OF  THOUSANDS  OF  FAMILIES 
HAVE  BEEN  RUINED. 


AN  EFFEOTUAL  BEMEDY  PIOPOSED 


BV 


THOMAS  RICHARD  JOHNSON^ 

And  Avditor  of  an  Insurance  Company  for  IS  yearn. 


Heaa  Cur^futly  ama  hand  f«  yotcr  JTHrhbotu 


NEW  YOHK.  Jni.T,  1878. 


^3/  yr.2  3^M:^ 


/»r 


jr 


lifi 
ti 


■■I'.ia^^'f-itij-'^'-- 


■■%( 


Life  iNsmNCE  Eobberi 


AN    EXPOSURE 


BHOWINO  THAT 


B 


HAVE  DISAPPEARED, 


AND 


HUNDREDS  OF  THOUSANDS  OF  FAMILIES 
HAVE  BEEN  RUINED. 


AN  EFFECTUAL  EEMEDT  PROPOSED 
THOMAB  RICHARD  ^JOHNSON, 


AnS.  Audiior  of  an  Insurance  Company  for  15  years. 


Read  fkirefulty  and  hand  to  your  JVeighhour. 


NEW  YORK,  July,  1878. 


9i 


i^miiiimmm0Mm 


H  ^i^' 


Entered  aooording  to  the  Act  of  Congrosa  Id  the  yeftr  1678,  \>j 

THOMAS  R.  JOHNSON, 

la  the  office  of  Librarian  of  Congreaa  at  Waahlngton. 


ii 


irn^ 


PREFACE. 


The  magnitude  of  a  work  does  not  always  consist  in  the 
number  of  its  words  or  pages,  but  in  the  manner  of  putting 
the  facts  together  and  in  supporting  the  illustrations  with 
unequivocal  evidence.  Comprehensiveness  on  such  a  sub- 
ject as  is  here  treated  is  presumed  to  be  more  desirable  than  au 
inexhp.ustive  essay ;  and  even  at  the  risk  of  omissions,  I  have 
endeavoured  to  make  this  little  work  "  Multum  in  Parvo." 

Confidence  is  unquestionably  the  main  spring  of  swelling 
the  area  of  enterprise,  in  the  same  manner  as  integrity  and 
economy  are  absolute  essentials  to  success.  When  these 
three  are  combined,  failure  is  almost  an  impossibility ;  but,  on 
the  other  hand,  when  they  are  lacking,  just  so  sure  will 
trouble,  disaster,  and  even  bankruptcy  follow ;  thus  we  see 
the  sad  rpsulfcs  of  inconsiderate  recklessness  on  the  part  of 
those  Life  Insurance  Companies  which  have  estranged  them- 
selves from  these  elements  of  power. 

With  the  most  profound  desire  to  guard  and  guide  the 
innocent  in  making  provision  for  their  nearest  and  dearest  on 
earth,  yea,  their  own  flesh  and  blood,  I  have  laboured  not 
only  to  expose  the  dangers  and  frauds  of  the  present  illusory 
system  of  Life  Insurance,  but  here  propose  a  plan  th^t  will 
embrace  all  the  ingredients  essential  to  success ;  in  fact,  one 
that  should  caU  forth  all  the  energy  of  the  whole  country  {•^f 
that  were  necesiary)  in  impressing  on  their  Representatives  at 
Washington  to  pass  such  a  law  next  session  as  will  place 
within  the  reach  of  the  masses  the  means  referred  to.    And 


■I 


t 


w 

for  the  reasons  herein  given,  it  is  most  conclusively  evident 
the  interest  of  all  to  agitate  and  spread  the  work  as  quickly 
and  fervently  as  possible.  Should  J  receive  the  sympathy 
rnd  co-operation  of  the  public,  and  it  becomes  necessary  to 
do  80, 1  may  be  induced  to  add  another,  but  a  more  extended 
edition  on  this  important  matter  as  proposed,  which  is  the 
very  acme  of  happiness  and  prosperity  to  the  whole  Republic. 
I  need  scarcely  atid  that  the  tables  appended  merit  care, 
ful  study  on  the  part  of  the  reader,  as  they  have  all  been 
studiously  prepared  from  the  Government  Reports  now  in 
my  possession ;  to  which  is  added  table  G,  illustrative  of  the 
working  of  the  Government  plan,  which  I  have  the  honour 
to  propose. 

THOMAS  R  JOHNSON. 

Nkw  Xo".  ^^7»  *8^8' 


■  Iill»<ftlll 


■  'irri%*wBy*i>'i''iwiiwww»»«'>iNwi 


'iFE  Insurance  MobberyI 


The  above  title  is  precisely  the  same  aa  that  which  headed 
an  editorial  I  saw  some  time  ago  in  a  newspaper  published  in 
this  State,  which  at  the  time  attracted  my  attention  as  worthy 
of  the  most  careful  consideration,  and  consequently  will  be 
here  reproduced  in  part. 

Having  been  refused  the  use  of  the  columns  of  the  press 
to  ventilate  so  important  a  matter,  I  am  constrained  to  use 
this  method  of  laying  bare  the  astounding  developments  that 
have  come  to  light  through  an  arduous  study  of  the  whole 
subject,  undertaken  in  the  interest  of  the  entire  population  ; 
taking  as  data  for  what  I  now  produce,  the  Government  official 
reports  and  a  few  extracts  culled  from  the  press. 

At  the  outset,  I  wish  to  state  that  my  object  is  not  to 
shake  the  confidence  of  the  public  in  those  Companies  that  are 
worthy  of  credence,  nor  to  make  any  personal  charge  against 
innocent  and  highly  honourable  people,  who  may  be  unwit- 
tingly associated  with  most  plausible  but  unscrupulous  spec- 
ulators ;  at  the  same  time,  the  sequence  will  show  that  my 
labours  are  directec'  against  the  whole  illusory  system  of  Life 
Insurance  now  in  vogue,  and  to  propose  an  effectual  remedt/, 
which  only  requires  to  be  reasonably  considered  to  be  highly 
appreciated.  The  reader  will  also  observe  that  my  efforts  are 
largely  directed  in  the  general  public  interest,  regardless  of 
any  class  or  combination  of  monopolists. 

I  will  here  give  a  few  extracts  from  the  press,  leading  off 
with  excerpts  from  the  editorial  already  referred  to ;  and  will 


•dd,  at  the  end  of  this  pamphlet,  several  tables  to  illustrat* 
the  correctness  of  my  deductions. 

"Lire  InSURANOB  ftOBBERT. 

"  The  most  gijjfantio  system  of  robbery  in  our  time  is 
"  Life  Insumnce.  The  syatom  of  Life  lusuranco  robbery  in 
"  this  State  has  reached  such  dimensions  that  ihu  public 
"  patience  is  exhauste*!.  There  are  to-day,  in  tius  whole 
"  country,  in  our  opinion,  not  many  above  a  score  of  solvent, 
"  reliant,  honest  Life  Idsuranco  Companies.  Scores  of  the 
"  Companies  were  conceived  in  fraud  and  bom  in  iniquity — 
"  mere  contrivances  to  make  fat  salaries  for  certain  drones 
"  and  incomp«tent8,  and  enrich  a  few  directors. .  Many  of 
"  these  Companies  are  confeswdly  bankrupt  —  many  ai'e 
"  trembling  on  the  veige  of  insolvency.  Indeed  it  has  be- 
"  come  quite  a  thriving  business  to  organize  Companies  on 
"  purpose  to  fail.  Such  a  Company  gets  all  the  risks  it  can  — 
"  contests  all  its  losses  —  and  suddenly  discovering  that  it 
**  can't  pay,  offers  to  re-insure  in  some  other  "  ahyster"  Com- 
"  pany.  Some  of  its  policy-holders  surrender  their  policies 
"  for  a  trifling  amount  of  cash  —  never  by  any  possibility 
"  half  the  amount  of  premiums  paid ;  others  let  their  policies 
"  lapse,  and  the  result  is  that  somebody  makes  a  handsome 
"  profit  by  the  operation.  Tlie  public  is  rapidly  losing  confi- 
"  dence  in  them,  and  we  foresee  that  unless  these  things  are 
"  corrected,  the  wholj  system,  in  less  than  twenty  yeai-s,  will 
"  fall  with  a  crash  that  will  involve  thousands  of  helpless 
"  and  innocent  people,  and  possibly  result  in  riot  and  blool- 
"  shed." 

The  Insurance  Commissioner  of  Massachusetts,  in  his 
report  to  the  Legislature,  in  1873,  mads  the  following 
remarks :  — 

"  Some  of  the  Companies  were  the  offspring  of  nere 
"  greedy  speculation,  suddenly  conceived  and  unwisely  under- 
"  taken.  Recalling  only  three  years  in  the  last  half  of  the 
"  decatle,  it  will  be  seen  that  twenty-one  Life  Assurance 
"  Companies,  transacting  business  in  this  State,  have,  within 


mmm 


••  that  time,  diwppeared  from  the  field—one  struggled  throngh 
"  Boven  yean  ;  two,  «x;  two,  five;  six,  four;  Mven,  three; 
**  two,  two  years ;  and  one,  only  six  months." 

The  Chicago  Herald  of  September,  1876,  published  a 
list  of  oightoen  Companies  that  had  absorbed  seventy-five 
others,  these  Companies  alone  aggregated  413,980  poUcios, 
covering  risks  amounting  to  $1,001,436,008,  and  a  reserve 
of  $198,300,880. 

In  January,  1877,  there  was  published  as  a  fact,  that 
indictments  for  perjury  were  obtained  against  the  President, 
Secretary,  and  Actuary  of  the  Security  Life  Insurance  Com- 
pany, and  for  embezzlement  against  its  Vice-President; 

"  Albany,  April,  1877.  Superintendent  Smith's  report 
"  on  the  American  Popular  Life  Insurance  Company,  charges 
"  that  the  assets  sworn  to,  December  31st  last,  were  $588,000, 
"  while  the  actual  assets  are  $285,000  ;  the  sworn  liabilities 
"  were  $344,000,  and  the  actual,  $544,000.  It  is  reported  that 
"  the  officers  of  the  Company  will  be  criminally  prosecuted." 
"  The  Superintendent  of  Insurance  announces,  that 
"  having  caused  an  examination  of  the  Atlantic  Mutual  Life 
"Insurance  Company,  of  Albany,  N.Y.,  the  examination 
"  shows :  Liabilities,  $1,153,853 ;  Assets,  1,043,467,  showing  a 
"  deficiency,  as  regards  policy-holders,  amounting  to  $110,385, 
"  The  Superintendent  will  apply  to  the  Attorney  General  to 
"  close  up  the  afiairs  of  the  Company." 

"  Assets,  $1,385,733  ;  liabilities,  $4,863,586,  such  is  the 
"receiver's  report  concerning  the  Eepublic  life  Insurance 
"  Company  of  Chicago."    (July.  1877.) 

(See  Table  of  Companies  that  have  ceased  to  do  business, 
at  end  of  this  pamphlet.) 

Did  space  allow  me,  I  could  give  irinumerable  extracts 
from  the  reports  of  the  GovGrnment  Life  Insurance  Superin- 
tendent, that  I  have  just  read,  which  fully  corroborates  all 
the  alarming  features  of  this  pamphlet ;  by  carefully  studying 
the  reports  in  question,  both  at  the  commencement  and  end 
(the  latter  bearing  on  investigations  of  Companies  in  difiiculty) 
the  reader  will  readily  endorse  these  remaxks. 


r 


'"'  Taking  up  the  Government  Eeports,  and  by  simply 
aggregating  the  work  done  by  all  the  Companies  named  in 
said  reports  for  the  the  years  1872,  3,  4,  5,  6  and  1877,  (on  a 
natural  progressive  system,)  I  find  the  result  to  be  as  follows  : 
Say,  outstanding  on  the  1st  January,  1878,  633,096  policies, 
while  there  should  be  832,904  policies,  making  199,808  short. 
At  risk,  January,  1878,  $1,556,105,323,  while  there  should  be 
$2,041,395,157,  making  $485,289,834  short  The  total 
receipts  for  the  same  six  years  were,  $642,601,053,  and  dis- 
bursements of  every  kind  were  $474,879,004,  showing  a 
surplus  of  receipts  of  $167,722,049,  while,  at  the  same  time, 
the  gross  assets  were  only  increased  by  $93,862,391,  making 
an  apparent  deficit  of  $73,859,658.  (See  Table  B,  for  policies 
lapsed,  &c.) 

The  oldest  Company  on  the  list  was  incorporated  A.D. 
1835,  and  consequently  is  forty-three  years  old.  Now,  as  the 
foregoing  statements  are  undoubtedly  of  a  most  serious  nature, 
(probably  affecting  the  interests  of  not  less  than  three  hundred 
thousand  families,  as  noted  in  Table  B.)  they  may  well  cause 
the  reader  considerable  amazement,  showing  such  a  large 
apparent  deficit  in  six  years.  One  will  naturally  contemplate 
what  would  be  the  result  if  the  whole  business  done  from  the 
commencement  of  operations  (or  say  for  the  forty-three  years) 
were  to  be  tabulated  togethtr  in  like  manner.  This  way  of 
putting  the  matter,  I  believe,  has  not  hitherto  been  attempted, 
and  we  may  take  it  for  granted,  therefore,  that  people  generally 
are  content  with  seeing  the  statements  published,  showing  that 
a  large  business  had  been  done,  and  large  profits  made,  never 
caring  to  look  farther  into  the  matter,  or  trying  to  ascertain 
what  became  of  the  surplus  each  year. 

•  The  bringing  together  in  this  manner  of  so  many  start- 
ling facts,  (and  the  reader  may  possibly  be  able  to  couple 
them  with  many  others  that  have  undoubtedly  escaped  my 
notice,)  there  appears  to  me  to  be  good  grounds  for  desiring  a 
thorough  change  for  the  better,  and  for  reasons  herein  set  forth ; 
the  time  seems  most  propitious  to  seriously  consider  the 
subject  in  all  its  bearings,  and  to  look  into  what  is  here  pro- 


11 


)y  gimply 

named  in 

877,  (on  a 

as  follows : 

96  policies, 

808  short 

should  be 

The    total 

53,  and  dis- 

ahowing  a 

same  time, 

SI,  making 

for  policies 

orated  A.D. 
Now,  as  the 
'iou8  nature, 
ree  hundred 
f  well  cause 
uch  a  large 
contemplate 
one  from  the 
-three  years) 
This  way  of 
n  attempted, 
pie  generally 
showing  that 
made,  never 
to  ascertain 

many  start- 
le to  couple 

escaped  my 
for  desiring  a 
•ein  set  forth ; 
consider  the 
t  is  here  pro- 


posed OS  the  only  reliable  remedy  possible,  one,  in  fact,  that  will 
work  out  an  everlasting  benefit  for  the  whole  country,  and 
worthy  of  implicit  confidence. 

It  is  true,  I  have  been  told,  that  the  Companies  which 
have  failed,  or  are  being  wound  up,  or  dropped  from  the  list, 
may  account  for  the  great  discrepancies  or  shorts  noticed. 
My  answer  has  been  and  still  is,  let  all  consider  the  general 
effect  of  failures  and  the  like,  and  as  rational  beings,  (probably 
with  some  little  experience  also)  they  can  hardly  deny  that 
such  excuses  are  frivolous,  because  the  fact  still  remains  that 
under  all  such  circumstances,  the  insured  (say,  numbering 
teveral  hundred  thousand  families)  have  either  actually  lost 
their  claims,  or  they  are  absolutely  in  great  danger  of  doing 
BO,  as  it  is  an  admitted  fact  that  Life  Insurance  Companies 
which  have  come  to  grief  have  not,  so  far,  when  liquidated, 
given  much,  if  any,  satisfaction  to  those  interested. 

It  has  almost  become  a  by-word  that  Life  Insurance 
Agents,  Managers,  and  other  Officers,  commonly  make  them- 
selves immensely  rich  in  a  very  short  time,  which  is  the  result 
of  their  predetermination  to  make  that  their  chief  object, 
regardless  of  every  other  interest  that  may  interfere  therewith. 
As  in  the  past,  human  nature  has  not  been  proof  against  a 
stretch  of  conscience,  when  surrounded  by  monetary  tempta> 
tions ;  so  in  the  present,  we  find  that  some  of  the  high  in  office 
are  exposed  to  the  public  gaze  as  guilty  of  larceny,  fraud,  and 
even  perjury ;  and  consequently  we  can  hardly  expect  any 
perfect  or  clear  record  in  the  future  under  the  present  system. 
The  failure  of  so  many  Companies  in  the  past,  and  the  disaS" 
trous  exhibits  made  upon  the  investigations  L  iJ,  are  certainly 
not  very  encouraging  as  to  what  may  yet  take  place,  nor  can 
anyone  conjecture  which  Company  will  be  the  next  to  make 
shipwreck  —  seeing  that  there  is  precedent  to  doubt  the  accu- 
racy of  the  very  statements  sent  to  the  Government  under 
oath.  However,  if  the  principles  that  first  called  Life  Insur- 
ance into  existence  were  now  sacredly  observed,  there  would 
be  no  such  thing  as  failure  among  the  Companies ;  but  it  ia 
quite  apparent  that  by  far  the  greater  number  have  beea 


10 

organized  as  mere  objects  of  peculation,  and  as  a  consequence 
have  been  worked  most  recklessly,  (as  explained  in  the  edito- 
rial refeiTed  to,  and  by  the  Insurance  Commissioner  of  Massa- 
chusetts,) resulting  in  disaster,  and  shaken  the  confidence 
of  the  entire  public  in  this  business  as  now  carried  on.  It  is 
commonly  said  that  "  history  repeats  itself,"  and  believing  in 
that  assertion,  we  see  an  absolute  necessity  of  at  once  adopting 
the  remedy  herein  proposed. 

It  is  hardly  necessary  to  expatiate  on  all  the  weak  and 
illusory  points  of  Incorporated  Companies,  as  at  present  estab* 
lished  —  such  as  their  subscribed  capital  and  the  small  per* 
centage  paid  thereon  —  the  notes  given  to  represent  the  so- 
called  paid-up  capital  —  the  manner  of  investing  the  surplus 
earnings  in  stocks,  bonds,  mortgages  and  the  like  —  many  of 
which  are  transferable  and  payable  to  bearer,  besides  being 
liable  to  very  heavy  shrinkage  in  various  ways  —  the  sur- 
rounding temptations  of  having  such  large  sums  of  money 
constantly  coming  in,  and  of  assisting  one  another  therewith ; 
the  almost  utter  impossibility  of  verifying  the  complex  pub- 
lished statements,  which  embrace  as  many  peculiarities  &a 
there  are  Companies  —  each  Company  professing  to  offer 
something  of  peculiar  advantage  and  differing  from  all  others, 
and  for  the  Companies  themselves  to  realize  the  fact  that  this 
money  belongs  to  the  insured  and  not  to  those  who  handle  it, 
(as  has  been  held  by  the  Supreme  Court  of  Massachusetts, 
reported  in  the  Boston  Transcript,  November  13th,  1876.) 
All  these  facts,  when  maturely  considered,  give  sufficient  rea- 
son for  pronouncing  a  verdict  in  favour  of  some  scheme  that 
will  give  universal  confidence  for  all  time  to  come.  This 
desideratum  can  only  be  attained  by  the  Federal  Government 
assuming  the  business  of  insuring  the  lives  of  its  own  people, 
(WHICH  IS  MY  scheme)  as  herein  proposed. 

Patriotism  and  philanthropy  should  induce  legislators 
to  take  up  this  subject  with  all  their  might  and  main,  iu  the 
interest  of  the  whole  country ;  and  iu  view  of  the  magnitude 
of  BO  grand  a  subject  as  that  of  legislating  for  the  benefit  of 
the  widows  and  orphans  throughout  the  whole  Bopublic  for 


11 

all  time,  one  and  all  should  rise  far  above  party  politics  and 
personal  interests  on  such  an  occasion.  The  Federal  Govern- 
ment is  undoubtedly,  under  all  the  circumstances  related,  the 
proper  authority  and  custodian  of  such  large  interests  of  its 
own  people,  as  the  latter  have  greater  confidence  in  its  sta- 
bility and  integrity  to  deal  with  such  a  sacred  trust  of  honour 
than  in  any  or  all  other  institutions  put  together,  because 
their  interests,  being  already  very  large,  are  continually  in- 
creaaing,  by  its  taking  the  business  of  Life  Insurance  under 
its  own  management,  a  very  great  saving  can  be  effected  in 
tho  largo  dividends  no  longer  required  for  so  many  Managers, 
Directors  and  Stockholders.  When  thoroughly  established, 
there  might  still  be  farther  economy  effected  by  operating 
through  the  agency  of  Post-Masters  who  are  now  under  its 
control.  This  saving,  together  with  the  surplus  income,  toill 
be  »uffi,cient  to  wipe  out  the  entire  National  debt  without  any 
exterior  aid  whatever,  and  as  a  consequence  will  materially 
reduce  the  burthens  of  the  entire  community.  (My  calcula- 
tions and  tables  are  all  most  carefully  made  to  prove  these 
assertions  when  necessary.) 

Such  advantages  cannot  fail  to  favourably  impress  the 
public  at  once,  and  will  probably  infuse  such  confidence  in 
this  new  scheme  as  will  induce  millions  of  people  who  now 
stand  aloof  to  avail  themselves  of  such  undoubted  security, 
and  make  an  immediate  sacred  provision  for  uheir  families 
against  want  whenever  they  may  be  removed  from  them  by 
death,  knowing  that  such  an  investment  with  the  Federal 
Government  is  beyond  cavil,  and  even  preferable  to  those  of 
banks.  The  adoption  of  this  plan  would  also  in  effect  cement 
the  attachment  between  the  Government  and  the  people 
stronger  than  ever,  their  mutual  interests  thus  becoming 
pecuniarily  identical. 

This  business  is  peculiarly  different  from  all  others* 
because  from  its  very  nature  it  assumes  the  character  of  per- 
petuity, eontinvMlly  offering  the  means  of  making  provision 
for  the  support  of  the  widows  and  orphans  for  all  generations 
(present  ^and  future)  throughout  the  whole  country,  and  as 


u 


: 


the  people  are  continually  changing  from  State  to  State,  it 
becomes  both  evident,  desirable  and  proper,  that  the  proposed 
plan  should  be  adopted  or  assumed  by  the  Federal  Govern- 
ment, as  its  operating  it  would  be  most  acceptable  to  all  con- 
cerned. Because  of  its  universal  sway,  it  would  establish 
but  one  general  system,  thus  reaching  all  on  precisely  the 
same  terms ;  this,  probably,  would  not  be  the  case  if  each 
separate  State  were  to  try  the  work  in  their  own  peculiar  way. 

As  it  is  proposed  that  the  surplus  income  and  savings 
will  be  used  only  to  pay  off  the  National  Debt,  the  fund  can 
only  be  treated  as  Internal  Beventie  ;  and  as  this  debt  is  due, 
not  by  any  particular  State  or  Territory,  but  by  the  whole 
Rountry,  there  can  be  no  doubt  as  to  the  equity  of  taking  up 
the  work  in  the  manner  stated,  and  applying  the  fund  as 
above.  In  this  way,  all  the  difficulties  will  be  removed  that 
would  other\vi3e  be  cropping  up,  were  each  State  to  attempt 
the  work ;  because  in  the  latter  case  there  might  be  as  much 
rivalry  as  there  is  at  present  between  the  various  Companies, 
also  a  want  of  uniformity  would  most  likely  arise.  And  again, 
the  necessity  for  each  State  to  have,  in  addition  to  their  Head 
Office  Staff,  Officers  in  every  other  State,  would  so  unneces- 
sarily increase  the  expenses  as  to  cause  (mth  their  other 
troubles)  such  embarrassment  as  would  possibly  lead  to  repu- 
diation, in  the  same  manner  as  some  States  have  hitherto  done 
in  regard  to  liabilities  of  a  different  nature.  VTiile,  on  the 
other  hand,  the  General  Government  has  not,  so  far,  been, 
and  I  trust  never  will  be,  reduced  to  such  a  condition ;  and, 
besides  all  this,  the  Federal  Government,  being  composed  of 
Representatives  from  every  State  in  the  Union,  aU  will  be 
equitably  represented  there  in  the  pp ----r  of  such  a  law. 

If  the  business  is  assumed  by  the  Government,  it  can 
give  to  the  insured  many  advantages  that  existing  Companies 
cannot,  from  the  fact  that  its  operations  would  extend  over 
the  whole  country,  having  but  one  general  Head  Office  and 
but  one  organization.  Expensive  competitioa  would  be  prac- 
tically annihilated  —  a  simple,  universal  and  comprehensive 
system  adopted  — •  (the  illusory  and  perplexing  schemes  of  the 


IS 


)tate,  it 
)ropo8ed 
iGovem- 

all  con- 

istablisb 

|aely  the 

if  each 


present  oiganizationa  eliminated)  —  and  a  non-forfeitable 
policy  given  on  a  new  basis  (which  I  am  prepared  to  propose) 
on  the  broadest  principles  of  equity,  .With  all  these  advan- 
tages, I  am  convinced  that  the  law  can  be  so  carefully  and 
perfectly  framed  as  to  be  as  lasting  as  the  Constitution  itselE 

There  is  no  reason  why  existing  Companies  should  not 
be  allowed  to  continue  to  do  business  as  best  they  can,  pro- 
vided always  that  they  are  compeUod  to  secure  the  insured 
in  an  unmistakable  manner,  and,  whenever  policy-holders 
demand  it,  let  the  Companies  be  required  to  re-insure  in  the 
Government  ofiRces.  This  caunot  surely  be  considered  a 
hsirdship,  as  nearly  all  of  them  toast  of  having  a  large  surplus 
over  the  required  sum  for  that  purpose.  Again,  let  the 
Federal  Government  at  once  place  within  the  reach  of  every 
individual  such  facilities  and  inducements  as  will  lead  all  to 
make  provision  for  their  present  and  prospective  offspring. 
Even  should  the  two  systems  continue,  the  people  would 
thus  have  a  frte  choice  as  to  where  they  would  place  their  in- 
vestment and  their  confidence,  which,  with  other  manifest  ad- 
vantages, would  cause  the  nation  to  rise  as  one  man  and  bless 
these  legislators  for  granting  them  so  great  a  boon. 

My  memory  has  just  been  refreshed  on  a  most  impoi-tant 
pojnt  of  rascality.  (I  am  sorry  to  be  obliged  to  use  the  word, 
but  the  transactions  justify  me  in  doing  so)  which  has  been 
practiced  on  the  helpless  widows  and  orphans  by  unscrupulous 
agents,  which  I  trust  has  been  done  without  the  knowledge  or 
sanction  of  the  Head  Office.  The  facts  are  these : — A  writer 
eent  to  a  local  paper  a  communication  whi«h  was  published, 
containing  the  names  of  parties  who  had  been  victimized  and 
told  that  their  policies  were  valueless  because  of  mis-state- 
ments in  the  application,  yet,  as  the  Company  sympathised 
with  the  widow  under  her  sad  bereav^ent,  it  would  give  her 
a  certain  small  sum  for  a  discharge  of  the  policy,  otherwise 
the  Company  would  contest  the  claim.  (A  law  suit,  under 
the  circumstances,  a  widow  is  hardly  prepared  for,  being 
without  the  necessary  funds  and  possibly  without  intelligent 
advice,  and  considers  the  small  pittance  offered  better  than 


r^ 


'H 


14 

the  interminable  vexations,  uncertainties  and  costs  she  may 
be  put  to.)  She  accepts  the  conditions,  in  order  to  get  a  few 
dollars  that  may  at  the  time  enable  her  to  pay  off  money 
borrowed  for  the  burial  of  her  late  husband,  or  the  doctor's 
bill,  or  even  some  other  of  the  i^nnumerable  debts  incurred 
during  sickness,  and  being  without  any  direct  prospect  of 
being  able  to  liquidate  such  liabilities  in  any  other  way.  I 
am  told  *hat  this  practice  is  of  frequent  occurrence,  otherwise 
I  would  have  hardly  mentioned  it  here.  Under  the  proposed 
change,  such  practices  cannot  take  place  under  any  circum- 
stance. 

CLOsma  OBSEBVATioNa 

A  few  points  may  here  be  briefly  stated,  in  order  to  be 
remembered,  which  are  of  great  importance. 

Confidence  has  undoubtedly  been  considerably  shaken 
in  the  present  system,  by  reason  of  the  serious  exposures 
already  made  as  to  mismanagement,  shrinkage  of  assets  in 
various  waj'^s,  and  the  uncertainties  of  the  future  failures. 

Doubts  exist  as  to  the  continuance  in  office  of  trust- 
worthy and  honourable  Directors  and  Managers,  because  all 
are  subject  to  the  caprice  of  ii  .crested  combinations,  aiming 
to  promote  their  own  interests  at  all  hazards. 

Working  of  Companies,  as  matter  of  speculation,  is 
unsatisfactory ;  their  pecuniary  interests  are  shown  by  evad- 
ing, in  every  conceivable  manner,  the  payments  due  to  the 
widows  and  orphans  when  they  are  practically  helpless.  The 
earnings  of  Companies  are  looked  upon  by  them  as  their  own 
nominally  —  holding  a  reserve  from  which  to  pay  claims, 
when  they  are  forced  to  do  so  —  dividing  and  appropriating 
all  else  as  they  please. 

Funds,  under  th»  present  system,  are  held  either  by 
Trustees  or  Board  of  Directors  (also  continually  subject  to 
change,  as  already  explained.)  They  nominally  hold  by  far 
too  much  of  the  people's  money  —  and  this,  very  frequently, 
in  a  most  precarious  manner ;  at  any  rate,  it  is  so  viewed  by 
the  insured,  who  have  to  depend  entirely  on  the  conduct  of 


IS 

those  officers  —  the  latter  being  irresponsible  to  them  —  for 
the  investments  that  are  considered  by  policy-holders  as  their 
chief  security,  and  over  which  and  whom  they  have  no  voice 
whatever. 

Advantages  Pkoposed  and  secured  by  the  Government 
Plan,  are  implicit  confidence  in  the  integrity  and  ability  of 
the  Federal  Government  to  discharge  its  every  obligation.  An 
universal  and  unalterable  law  and  system,  placing  the  facili- 
ties and  advantages  on  an  equitable  basis,  within  the  reach  of 
the  poor  as  well  as  the  middle  and  upper  classes  of  the  entire 
nation  —  the  positive  security  offered  that  every  pouoy 
SHALL  BE  PAID  ITS  FULL  VALUE  —  and  the  application  of  the 
surplus  earnings  and  savings,  not  in  dividends  to  numerous 
stockholders,  directors,  and  the  like,  but  for  the  good  of  the 
whole  country,  in  wiping  out  the  debt  of  the  nation,  which  is 
constructively  equal  to  reducing  the  individual  liabilities  and 
burdens  of  every  person.  It  will  also  relieve  the  mind  of 
those  most  interested  from  endless  anxieties  as  to  the  actual 
money  that  will  be  handed  over  to  the  widows  and  orphans 
of  the  insured.  In  such  case,  there  will  be  no  need  of  beinor 
troubled  as  to  the  integrity  of  this  or  that  person,  or  the  value 
of  this  or  that  investment,  or  the  truthfulness  of  this  or  that 
report,  statement,  or  scheme,  as  all  will  be  most  efficiently 
managed  and  secured  by  the  Great  Government  of  th«  nation. 
So  that  all  may  rest  in  peace  and  happiness  —  and  many  a 
poor  and  otherwise  doubting  heart,  on  a  bed  of  sickness, 
rejoice  in  the  assurance  that  the  timely  provision  maile  will 
be  sacredly  carried  out  to  the  letter. 

Finally,  let  the  reader  not  lose  sight  of  the  fact  that  all 
profits  are  applied  by  the  new  plan  in  the  interest  of  all, 
instead  of  in  the  interests  of  interested  individuals,  as  at 
piesent,  and  giving  a/ree  d'uyice  to  all  where  to  insure. 


I 


16 
A 

Condenged    Statement   of  ttanwwtloni   of  agpeKatMl   Ufa   InBurMce 
CompanleB  of  thin  State,  and  of  other  Bt»te§  trantactlng  btnincss  in 
thin  Steto,  compiled  from  Kiw  Yobk  Rtatb  Qovibbmiht  Rbpobm. 
ir.B.—Thii  does  not  ineludt  any  <if  the  Companiti  <ff  other  Stale*  that  do 

no  btuineu  in  thii  Stale. 

ASSETS.— Total  on  31et  December,  1871 t303,B68,10» 

S^  do.  do.  1877 3?6,4ao,690 

IncreaM  In  «  yeui $93,862,301 

INCOME  for  8  yearn,  to  SUt  December,  1877 .• ..      $642,601,063 

DI8BURSKMENT8        do.  do.  »474,879,OOi 

Surplus  Income $187,722,049 

From  this,  deduct  increaseu  Aaieti. .        93,862,391 

Short  accounted  for $78,»a9,6S8 

OUTSTANDING  on  3l8t  December,   1871,  to  which  ii 
added  bualneis  of  1872,  8,  4,  6,  6  and  1877.    Say. 

^^  PoHolcB.  At  Rink. 

1,644,S99  $4,119,029,80S 

Less  terminated....     f  811,695         f  2,077,634^ 

Balance  Bhould  be..       832,904  2,041,396,167 

Report  only  ihowB..       633,096  1,666,106,323 

Short  aeeounUd  for  ..        199,808  $483,289,834 

*  DiibniMmanti  made  up  m  followi  ;— 
To  Polioy-holdera,  in  Ca«h  and  Notes , *^'^OT3 

"  Officers,  AgonU,  Md  other  ohargM v*,i^fiio 

t  Ineloded  in  these  items  rre  the  followim !-  PoUoUb.  At  Risk. 

T.rmin.t.dh,D..th«.dM.taritr................    ^W  ^J^.ftjl? 

gS:    \i^^z^ ::::::::::::::::::::::....■  vS»      w,it>^^ 

The  Government  doing  the  same  work  for  6  approximaU  ytart  on  the 
proposed  plan,  would  compare  thus  t —  .  „  * 

V    tr         V  «-  Companies.  Government. 

Income,  e  years $642,601,083  $671,697,732 

Pay  to  Insured   {380,633,631  838,180,000 

AgenU  and  Expenses 94,?46,373  33,719,493 

Not  surplus  income $107,722,049  $299,798,239 

Item,  Agents'  Expenses  favours  new  plan  by 60,625,800 

t  In  this  sum  is  inoladed  what  the  Companies  paid  for  repurchase,  lapsed,  and 
snrreJdewdPoUdes,  while  in  the  oase  of  the  Ooveinment,  the  whole  amount  U  paid 
to  die  jjasarsd  without  discount. 


j^i>iifauatAu.ajuii».. .- 


m 


Inkuraaw 
)aainei8  in 

BPOSTt. 

diet  that  do 

302,668,109 
?  ^6,420,690 

193,862,301 

643,601,053 
474,879,004 

167,722,049 
93,862,301 

^^73,HS9,668 


At  Bisk. 

,119,029,80s 

,077,634,848 

!,041,396,167 
[,656,106,323 

1485,289,834 


.   $380,633,631 
,.       94,245,373 

At  Risk. 

$144,5S5,ti« 
921,378,f'!0 
60a,7b7^ 

ftari  on  tho 

3oTernment. 

1671,697,732 

338,180,000 

33,719,493 

1299,798,289 

60,625,800 

i«,  lapced,  and 
kmount  U  paid 


IH 


>  O  <e  t>  r-  cq  ^  3 

I  M  «0  OO  «  CO  "*    ^ 

^  00^  lO^  CO  t--  t-  flO  ,9 

lO  m  I-  to  o>  _  ■-  S 


»-i» 


ii 


mm* 


r-  O 

-*  CO 
O  »f" 


So  yl 

I  CO  <M 
1  CO  r-< 


IOC  ae 

1  IH  T-l 


s 

r-T 

o 
o 


<«» 


f 


19 


W    ff 


cc  1-1  in  CO 


SI 


««o 


eo 


cTco -f  »r  <5  52 
o>  o  ei  •n  »o  CO 
CO  O'l  CO  e>i_'!f,o», 
•fTTH  loeo  CO  r-i 
22     ?-<      «-• 


,-«  ©  C>  rH 

CO  CD  00  rt 

CO  C-^O.M 


ss; 


(M  '*  (N 

.  .  I-  CO  o 
rH  «0  t-  O 

M  ©1  r-  to 

^00  CO  CO 

»fteo"'f 


M  «0  •-•  ^  'Q  CO 

irt  M  oi  -t  t- co_ 

■«*<  ec  t-'  «d'  o  CD 

eft  t '-'Kk  t: 

in  o>  r-<  M  o  r-« 


t-  -I*!  'Jf  IM 


.1? 

CD. 


CO  w  «o  t—  O  '^ 

CO  «D  I-  CI  CO  IN 
in  O  CO  CD  'D_  Oi_ 

in  o  CO  irt  C5  o 
•»ji  (M  CO  iri  r-1  CO 
i-<_o^io_oo_  i-ti-_ 
«3  »-<'  lo  ■^  in  N 
N  »-H  f-* 
<» 


•na 

t»a 

)  <M  CO 

OS  O  CD'  CD 

CO  I-  t-  t- 

os  o  o^  CO 

tfs  ■<*  m   1 

•» 

1 

00 

co' 

'D 
CO^ 

cd" 


S0>  •»!• 
O  "-J 

CO  in  CO 


;^ilSi 


O  rH  CJ  r-  W 

00  i-i  in  o  t- 

CO  OJ  CO_^CD  N  I 

^     to  «n coco" 


t-  ■•tCO  CD 
,-(  CD  (M  t- 

e-1 00  T-t  OS 

ffl  CO  I~"  <M 

CO  o  o  m 

in  <M  ■«*<  -* 

s 

CD 

50-^-cD 

«» 

«0i9>0( 
OC  'ti  S 

COO  CD  I 


s;    U 


CD  CD 

rH  01  0>  t-  O  CO 

CO  05  in  o.Tj<  in_^ 
co"     o'cd'oj"co" 


o 


CO 


^ 


OJ»-CO  © 

cooc  ©  © 

CO 

<M  in  (M  in 

i 

t-r-*'co 

00 

,H         rH         00 

t->   'CD    :iM 

■  go"   '  cd" 


I 


I 


35 


pifl 


.id 
-      -I 

J  g  s.« 

ffl  "  ff-o 

<«   n   S   (3 

UcqOQ 


2 

.a 


hi 

I 

o 

o 


a  o  a  o  «  o    . 
U  S;;  O '/<;  O  >5    : 


3 
3 


»<    p^    Pi 


s 


CO 


^      S2 


6:  c^  1^  <A  in  in  xi  !>■  cs 

g 


■"f  Ci  CO  -<  00  '£>  ;g  »r 


aort  to  CO 

(M 


r-QO  ©■KM 

^  Jl  (O   »f< 

co'irTo  .-I  ■^  rH  «j  ■^  r- 

SO  OU  0-1  30  CD  to  OJ  50 
S  00  i<  c»  't''^.  ft"* 

N  i-l  r-4  CO  »0  ^ 

4*     e<i 


•-<  05  ■♦  0>  fOO  I 

M  rH  ^  4  1  « 


0»  t-  Q  -i<  "ft  I 


I  N  t-  t- 

eo  W  t-  '  ~  <"•  "x^  ''5  M  CO 

00  "♦"  irt  -J<"  >o'  O"  CO' »«  ifl 

cof»oer<cO'-*o^'-''4 

(6  lO  t-»  O  00  00_^l-_,rH_<O 

ricToo'eToo 


rt  00  ^  t-  -"i*  Oi  00  00  o 

oo'eo'  o'  '^'  CO*  »o  o"  "f  00 

^  rt  1-H  (H  '^      iH  in 
«f»      e-4 


S  ?-  oi  r-  (M  o  CO  CO  o 

N  CO  I-  to  cc  co__<_'_^ao_^« 

Iff  Oi  •?i"t-  71  co't-'oo'to" 

o>toaj»*iO'oco©»io 

05  O  I-  ^^'■'V    l^^*-*^.. 
^  .-  00  (MCO        *-  •« 


t-tococob-Qg«2eogj 
ioeoo«aoig»ot--« 

OQcTr-rb-'oo  <^^  i-f  CO  to 

O  r-l  r-l  CI  t-  <-l  to  to  'M 
_  •^  t-H  «0  CO  co^t^>*^ '''„'* 

X-  .-1  tONW        i-"«> 


0 
C4 

CQ 

a 

to    e 

W.2 


O    («    * 

lis 


«9  a 
-g.s 
5  a  g 

a'p 
a 


gi?  a  s 

ies  a  o 
§"5  g^ 


00  CQ 

O  ^'  «3    o   w   Vi  -^ 


i 


.i 


•iiiitiiiiii 


I 


Hi 


T 


f» 


^ 


■nl 


n 


IS 


22 


I  o  f 

I  lO  CI 


N  o 


00  00  lO 

00  e^  t- 

o  ■*  -■'  m 

00  "-^  f«^  o 
M  C<1  CO  00 

to 

o 

CO  o 

o  «5  00  la 
«  ^  to  OJ 

i-H  i-<  r^  •-« 

-r  to 

IN  C-1 

to  N 

to  o 


-1  .»> 

C4  CO 


OM— 'CO'3'*-ooi-'C<iinvHtO'f'*«i 

O  o  to  c'i_^oo_'-^  «_!>■__  tc^'-^-^'-i '-'_•-_ 

cTri*  ^cT^orTt-'ift't^t-  CD  00  ^^  'i*  to 

oo«otoc-ie<itotOr-ir;*-2t-2S2^ 
ini-'t--*'-<ootDio^mM  ■*,'0,'»t'^ 

"^      '  S  rH  ■-«>-"  r-l  P<  «  N  «^  ' 


t-  o 

rjl  tJJ 


I  e>  to 
■  lo  n 

I  CO  oo 

"lo'oo" 

>*  o 


croo"t-"t-"-«'"«".fr  m  <»oo  00  m  to  S  S  S  2  2  S 
*22SS«M5'SSSStotot-t-a,oo 


&' 


ot-coooc^*ocjcot-         ^„„_^ 
cTto'ei"  to"  ©•*•-"■*  —  «>  «2  5  !2  S  C2 

OOCiOOt-iOrtOt-  ^^"^    -^^ 

•*t-~orNiooo" -<"'*'"  to  o  «2  2!  «  S  S 


■*  o 
to  — 


00  o 

'«  00 


o  o 

O  00 
C3  «-_ 

0"tD 


m  -«  O  J~  —  oo  tOI-«OMlOOO*-r;S22; 

iiissssfs  3  2  §  2  s  2  s  s  2 


|>    *■   A'  "^ 


iiliiilliiliiiiii 

o"o~»i'to"e<re<r'*"N  •>*  o  c^i  00  2  ■*  2  S£  S 

00  O  M  (5>  CD  «^'~.'*.'".'^-'  -     -„-  -"-^S-S 

^«-oo-o«22SSSSSSSS5^ 


o  o 
o  o 

to"o" 
CI  o 
00  o_ 


1 1 5  ^  I S  s  I s  ||s  2  « ||«.|| 

„-«- ^-«  »  oo-ta  o-  cj-f  2  2  S  2  g  «  S  S 


60 


bo  »»  vj 
ct    «    O 


S-S-2-5-5-CO-  s  g  g  g  g  2  S  g  g  £  2  2  g 
1 2  ^  S  S  5  S  S,2.SA"  |IS';-S-«•■«- 


^ 


oooo>»2S«2g5S2S§goS 
g  §  S  S  2  iA|n|  J^.c.  -.^.--- - 

§liil£5£Si|n2SS.5S-!- 


SBMJWWA 


imiyjiiiiwipiy^fliw" 


I  »'  Oi  fr-  «0  M 
I  tr*  N  O  «0  O 

I  p<  M  <0  P*  ^ 
I  fO  O  O  W  w 

riri'*i«  CO  — •  •*> 

)  O  C4  O  O)  C4 

4  ^  N  C-T  W  CO 


I  <M  t-  00  Oi  C6 

f<  to  lO  t"  iO  CI 

3  .—  t»  o  -•  o 

4  C4  04  CO  o  ei) 


-  o  -^  o>  «^  o 

■q  Tt«  O  t*  **  <-• 

!^  CO  C^  •"•  01  "ft^ 

3  O  00  00  CO  0> 
Jl  CD  CO  ^  —  »ft 

fj  CO  --^o^cs^oo^ 

■fT  C^  yf  ^  n  CD 
O  to  t-  t-  CO  00 


ift  00  «^  -^  CO  -J 
30  00  '^  O  00  CO 
L-   l-!^  t-^CO^C^t-;, 

a>" CO* »o' 'O* oo  o 

lO  -^  05  —  OS  lO 
t-»  W  CO  ■-•  'fl'  00 

oTc-'T^  t—  o  <-4 

CO  '^  -^  "xj*  -*  O 


»ft  00  *-  "-^  CO  -^ 
00  00  ^  O  00  CO 
t-  W  *--  CO  c^Jc-^ 

ccT"— <  t*  — «  w  o 
CO  c»  ©  01 1-  *5 
CfJ  "^  CO  -^  «>.<*>. 


o  o  o  o  o  o 
o  o  o  o  o  o 

*  -fj**  e^  CO*  '*'  <0  O 

CI  Cfl  00  -M  M  O 

CO  —  CO  «o,<io,®^ 
'40*00  cT cT^t- 

,  CO  CO  ^  -^  ^  ■* 


.   C4   r-t   ^  =^   CO  O 

1  — «  «)  Oi  --^  rr  <^ 
•  0)0—*  CO  T^*^ 
ft-  01  o  •-*  C^  CO 
i  ^  r^N  «  M  M 


1  t—  O  •<*'  0>  Cfl  o 
r  CM  -*  O  r-  ^  «^- 

f  0>  CO  CI  '-*„0:^'"^ 
5  o"0  00  00  CO  0> 

ri  01 «?  «>  —  :r  5?. 

0  *o  CO  -^^^os^^ 
» -r^r  cs" -^  oT  CO  00 
o  to  ^  **  *"  **?  ** 


3>  W  O  01  »0  CO  O 
-  c-  <C  OS  O  01  OO 

to  oj  --T  e-f  ci'  o  CO 
Oi  I-  <o  -r  c«  o  *- 
X*  c<  CO  -^  »o  «>  ^ 


CO  -#  »c*  <P  *-  5  5 


M* 

<-> 

r- 

■•  m  M  to 

CO  •>!' 

p^ 

lO 

f-1  «0 

c^ 

'j> 

d  oc 

0 

00  C4  CO 

o> 

t-  0 

lA 

CO  r^ 

10 

0 

«o  •*•««'  m 

23 

eo^-^u>e4ioiA^o>coic^u^c«<4t 

0'^00*^001tflOt>*OOiCO'*»0 

♦fl  "sr  «  co_»o^o>^'^'^co^«_o^ooi^o 

■(:o"o'oi"o"c^cr(."^c'rQo"Tp'oNjr,._r 

C0O—''^00  1'-C0C-l<0O'-<"^''^C0 

<M  00  CO  oo.*^oi_^c^eo  '^■^^.'^^ 

'  io' cTi^^  00*  co''-*"'*'©'©''^  CO*  co"-^  r- 

i0O(0W0>C0C0.^0>e»C0>'^»rt»0 
»0C0C0t-*"0001OO'-'CMC0'*'O 


-•  o 

00  M 

(»  *-* 

oToT 
^  o> 

•0*00 

CO  t^ 

CO  t- 


in  •*  00  >^  ct>  -< 

■*  t- 

CO 

»-  e»  H 

00  t-  04 

00  0 

« 

*<*  in  m  C4 

■* 

CO  00  ■♦ 

CO  t- 

t— 

1-  0  a 

CO  0 

0  <B  Oi  »- 

0>  IM 

in 

00  ««:- 

i-» 

e<»  ■*  tfs 

rH  N 

e4 

««  M 

Soovoioo— »---<'«i"-*os  o>^»  CO  °l''i-'^"i■ 
o'"l^^  ar-t"or2"oro"2°RS  e"2  3  S  S  2  i?  S 
oscoM<»ioco  —  rj-X'gcooo';2;ocj--r'- 

S-Scoc^mmoocot-eo--  o,— _c>>.'^.'^„'i.'T,"i 
S5?>*-w'0'Oiocococot-t-oococoo><3>oo 


tf>  in  G»  *  c**  c^  00 

•-* 

MNMCOCOIOO 

J.  L-  M^—  <C  00  CO^ 

"t 

oToo  0  «o"-«  o><a 

^  r«  r-i  in  e^  *^  ic:ft 

c>  ■«*'  <-<  0i_O^<0  C<J^ 

CO  00  •^Oitoea  00 

^  ,-  M  M  CO  •*  ■* 

"4 

« 

«» 

«*  r-  « 

M  CO  O 

OS  CO  w 
10  —  CO 

oo_os^o_ 

CO  00  ■* 
o>  01  o 


o>  C<l 

C<l  00 

eo_>-; 
w  00 
oT-w 


e  o 

CO  CO 

Voo 

*-*  (>1 

00  e<i 


!nJ2S;SSSSg5SSS|SS|5 

o"e«  i-rmco~oo'eoco"<M"o  in  J-  S  S  -  2  S 
m?-!  —  oo>-<'0'*-''oco«roo2^!S2 

'oco"«  (-"eo  (a  m"  «  od~in --"50  iJ  c;^  £  !:;  2 


CO  <o 

-I  o 
0>  •* 

^oiT 
in  <~i 

C0_«)_ 

co~-r 

■*  o 


CO  <-^ 

flo"^" 
CO  in 


00  e<i  CO 

—  Cj  0 
c»^oo  i-i 

o  e^  cfl 

g^cTco 
CO  CO 


o»oocooo-«cocoo"*t-<»«e»«2S!22^ 
S-Stto^co-x-  —  oocDcnoc-it-cnOT'-t- 
SS  S  c^  ^  ■*  "„«  ■*,='_ '^  »  "_^-'"-  -"  '^■ 
■o~ci"  cT o''co"co'"o"«-~r-^c>  (O"^^  *  JJ  ^  2  ' 


o  «M 
CO 

§oowSow*-o-oocoirt»nMi--o  O  ^g 

.-r.._r-r_r-r»id^<^-rert'  rTi^ToD  o  <m  -^f  co  ^-  c» 


V*    ^r    M.W    **■'    "*<    '^^    '^^        ^      V       ■•       i.      K      iv      «•••*"■ 

o"t-^ci"'-rco"icr^ro3  -'eo;rat-oooj23;<ol 


•*oo 

CO  ■* 

«<» -< 
CO  CO 
O^CD^ 

o  o 


^  O  00 
00  t-  -> 

«3  •-;_«« 

W  O  Jt— 

c>_c«_eo 


c-icoinooe<joo-<eocoo-*'-«22SS22! 
-^r^^—Tr-TiTi'M'ui'tfrio  .  "co  00  oit-  ■*  00  -^  ff^  • 

iliss^iiiss  s  s  s  s  §  g.ss  1 

icrioicrco"«D  CO  coco'co  «o"W*-  *-  t-  t-  »-  t-  «  »  ' 


o  c^ 

f  CO 


•*  00 
50  •* 

00  o 

00"  oo" 


as 


000 

0  c 

0 

0  0 

0 

c^  -^ 

CO 

T)>  in 

CO 

CO 

0»  -1 

in 

■wm 

in 

o  e  o 
000 

otr'<i''"o 

00  rt  — ' 

CO  ■«i^'* 
ini-^oT 
in  m  in 


illiiig§§§§l§  o § § §  § § I 

S  2"S  ?  §  2  S  §  S  S  SSSS§S^§S| 


ssjgsgggss  s,§  5,«  s,g  s.oo.co.^_^i  -  2-s-::r2-S- 


CM  CO 

oo~eo 

in  •-< 
00  a 


0>  OJ  ca 

o  ci  00 

O^CO^"-^ 

ifTcro 

ll  IM  00 

^  cy>  ^ 

o  o  -^ 


o  in 

CO  00 
o  OJ. 
■oTeo" 
— '  c* 
00  c» 


t-io-*co<Moo  —  coo>M'-ioinooeocot- 
S?-?iotoin<J>oo-*cocneM(oeooco^ 

<3ci"--~fif  <o"oo"cocD~ef  ©"jn'tTd'S  2  in  S 
SSc^SSt-oo'-'OO  t-_'0.>n '-.'-1,<=."* 
■o"co"'M''i-"c«rcrin"c-f  oo~in  ;£oo  "5  ^  o  *:t  Jg 

coco^-*«22I:;S222«nnS« 


CO  ce 

-i  o 
(3>  •* 

-H~00 

in  •-« 
co^in 

■*  m 


§ 


m 


& 


o  <»  « 

00  O  00 

O  IC  CO 


•  c*  • 


I  00  a> 

1  O  '-I 


■n_oo__ 
cs".-^ 
m  c<i 

,M  i-Tf-Tf^c^'oi'c'i  ea 


mo-* 
■n  CO  o 
1:-  00  <n 


o^.^.^r-cocn'-'c^a>cocoo3ia-4<aot->c4 
■ii.iinScopJi-i'O'-'co  co_^«  o^oooj  c-i^'^iCJ. 

f  ^-"co"c»"«"^-"o"«  CO  «  c^T'-fco'in  ^  r: ::;  1! 


c<i  r-*  o>  ^-  CO  o>  00  J 


So;S?ia;US5oiiiocc«i~eoo>;*o«> 
SSS-^SScot-t-oocji  C5.o_ci_— .—_  <N  co_eo_ 
e<rei"c«re4' «"«"«■«  m"im"n  «  co  co  eo  m  eo  eo 


o  r-t  e« 
e*  e*  w 


n  -^i  ta  fo  t-  CO  o  o  -i  ^  tSfS  &'£  Z  ^  ', 
«Me««e<>«NeociJco«««CT»9P'' 


>  O  •-•  M  CO  ■*  10 


a    o 


■MMMMMlHMMlbll 


MM^itAiHI 


ss^ 


24 

Xife  Insmaactt  Compaaies-  which  havv -ceMed  daiog  buaioMs,  from 
1859  to  1st  April,  1878. 

Kamt  of  Oompmv-  0«*»i  *»  BriV' 

1.  A««io.n  Tontine  -L.  4  St.  I.  Co-  \  ^^\  =«^  Mutual  (No.  MJ   N.  J<rfi% 

2.  Amicable  Mutual  L.  I.  Co RoIm.  Guardian  Matual  (No.  23 ) 

8.  Aihbury  L.  I.  Co Cloned  suit  Atty.-Qen.    A.  V.  Stoat,  Rm. 

4.  Amerioan  Popular  L.  I.  Oo  NotiBed  discontinue.    E.  Z.  Lawrence.  R«0> 

6.  Atlantic  Mutual  li.  I.  Oo. Notified  diicontinue.    Ed.  Newcomb>BM. 

6.  Ametioan  Mutual  L.  I.  Co. Certificate  of  authority  revoked ■ 

7.  Anchor  li.  I.  Co    ......  .^... .......       do.  do.  do. 

8.  Amerioan  National  L.  ft  Trust  I.  Co.       do.  do.  do. 

9.  Alliance  Mutual  li.  A.  S.  of  the  U.S.      do.  do-       not  renewed. 
10.  Ben.  Franklin  L.  I.  Oo Reins,  in  United  States  h.  I.  Co. 

II    Craftsmen's L.  A.  Co Reins.  JHopeMnt'l (No.  26.)  F.W.Worth, Re* 

12.  Commonwealth  li.  I. Co.. ...Reins.inN.JMutI  (No.3;».)  T.S.  Moore,Iteo. 

15.  OontineDtal  U  I  Co Closedbysuit.    John  P.  O'Neill,  Reo. 

14.  QhartarOak  L.I.  Co < Certlfloateoi  authority  revoked. 

16.  Continental  L.  I.  Co Withdrew  from  rit«te. 

16.  Empire  Mutual  L.  L  Co Reins.  Continental  (No.  13)  L.  I.  Co. 

17.  Empire  State  L.  L  Co do.     L.  A.  of  America  (No.  30.) 

18.  Excelsior  L.  I.  Co do.    National  L.  I.  Go.  of  U.  S. 

19.  Bdeotie  L.  I.  Co Clowid  suit  Stookholdert.  P.  T.  Rumles,  Reo. 

^    -a  !    I  u  .    I  T   r  n.^  5  Certificate  revoked.    Reins.  Republic  L.  I. 

20.  Economical  Mutual  L.  I.  Co j    Co.  of  Chicago. 

21-  Farmers'  &  Hechanios'  L.  I.  Co... . -.Closed  suit  Atty.-Oen.   J.  H.  Coleman.  Reo. 
«»    «      ..rir    L       u  1     I  T   T  n.       1  Closod  suit  Atty.-Qen-    Uon.  F.  M.  Bizhyi 

22.  Great  Westam  Mutual  L.  I.  Co. ...  |    rjo.    Sinco  discharged. 

.„    -       .,      w  >    I T   T  n.^  i  Closed  suit  Atty.-Gen.    Hon.  H- R.  PiersMit 

23.  Guardian  Mutual  L.  L  Co j    ^j^,  ^  ^^ 

24.  Government  Security  L.  I.  Co. Reins.  North  America  L.  I.  Co.  (No.  36.) 

25.  Howard  L.  I.  Co.  Reins.  U.S.  L.I.Co.   Surrendered '61. 

26.  Hope  Mutual  L.  I.  Co Reins.  New  Jersey  Mutual  L.  I.  Co.  (No.  89.) 

27.  Hercules  Mutual L.  A.  8.  of  U.  8 Closed  by  Atty.-Uen.    J.  H.  Kitchen,  Re«. 

«,  »T  1,  T   T  r._  /  »ni—.i.-j\>  Withdrew  from  Stite.    Reins.  Republic  (No. 

28.  Hahnemann  L.  I.  Co.  (of  Cleveland)  J    ^n  |;,  j,  qo_  ^f  Chicago. 

^    -r  .       i.      1  T   T  «.  m >  n^        J  Withdrew  trora  State.    Reins.  United  States 

29.  Int»mational  L.  L  A  Trust  Co.. ...  J     l.  i.  Co.  of  N.  Y . 

80.  L.A.of  America(St.LouU) ..CerUtioate  revoked.  j,      „  »     , 

.,    ^  .     IT,    »    .•     T    A   a^rrta    ( Changed  name.    Reins,  in  Guardian  Mutnu. 

81.  Mutual  Protection  L.  A.  8.  of  U.8.,)     c|o,ed  Atty.-Sen.  (No.  23)    Hon.  H.  B. 

or  Reserve  Mutual  L.  L  Co  (     Piersoo.  Ree. 

82.  Merchants'  L,  I  Co^ ReiM-  by  •«•  !<•  Alexander  BsRee. 

83  Missouri  VaSoy  L.  t.  Co  •• Certioeate  not  renewed  for  lb77 .  _ 

H.  New  York  sSSL.r.oS. Closed  suit  Atty.-Qcn.     H.  R.  Pta^n,  Re«. 

»,  »T  .,      ,r   T  n    ^m  tr  (Closed  suit  Stookholdflrs.    KU  Beard,  Rec 

36.  National  L.  L  Co.  of  a.  Y. (    tineedf  .charged. 

36.  North  America  L.L  Co. Closed  suit  A  tty.-Gen.   H.  R.  Pierson,  Bac 

17.  National  L.  I.  Co.  (of  Chieafo) ..CerUfttale  revoked.  

-»  «    .      . ,,     ...  .  I  T  Ai    im.t^ » S  Withdrew  from  State.     Beiniuring  fnta. 

88.  NationalCapitalL.I.Oo.(Chi«ago)|     {jj^tual l5o.  Pa. 

89.  New  Jersey  Mutual  L.  I.  Co .Ce^c^e  revved.         .  ,n^  b.~„* 

.««     .J    m     jjLTT/i»  \  SubeUns.sJIy  did  no  bnsiDess.   (See  Report 

40.  Provident  Fund  4  L.  L  Co j    lorl888.) 

41.  Piedmont &ArWn«tonL. I. C.(Rd.)..Wl^drew and oertifleato revoked.  ..    ,-_ 

42.  RepuUicL  I.  Co.  (of  Ohioago) Withdrew  and  eer^fioatenwwnewed  for  WfS. 

43.  Stand  vd  L.  I.  Co g«»M:  Gov.  Security  L.I.  Co.  ( N  o.  «.) 

44    SecurifrlTl  4  AnnaityCo Closed  suit  Atty.-Sen.  W.  H.Wiakham,  Bee 

46.  Safety  OepoaitL.  I.  Co.  (Chicago). ..Withdrew  iVomState  Aa^^^  *^ 

T„   ^.  .     •   w  .     IT  T  r.„  /a.  T>.\  5  tJertifioafc  revoked.    Rein*.  Moimm  City,  ttow 
46.  8t  Lonis  Mutual  L.  I  Co.  (St.  L  s)  j     gf_  l_  j,  go. 

47   Teatonia  L.  I.  Co,  (Chicago) Withdrew  and  oertifioatB  revoked. 

48.  W-* Mutual L.LCo.(5;ole<k.)...Cert^c^c^i.voki.d^^.^  ^  ^^  ^^  ^  ^ 

49.  Widows' 4  Orphans' Benefit  L.I.  Co  J    <!*''■*';>    Closed  Atty.-Geo.  H.  R.  P>e»- 

M    World  Mutual L. I.  (}o ......Cloea'd suit  Atty.-Oen.  8.  W. Roscndale, Reo. 

00.  wotw  auTOM  li.  i.  uo  pentfhg  deeUioa  of  Court  about  Rec.  sscee 

61.  Universal  L.  I.  Co {    Ang.,1877,    No  new  business  dona. 

•AB«i¥iAtiOM.-L.,  Life.     Reo..  Beoaivar-     S-  Soeielr.,    Sv.,  Savingi' 
I.,  lasuranoe.    Oow,  Oomptuir'  3(1.,  Aasooiation. 


;. 


^..^AtMi^^m&m 


.  Jnfiii 


mimvm>mfmm»!ivvts,^  ny!*' 


•^fPPpiWW*«p!«SW?"f"i  I.U.-l-.:l.,i-.r'WF" 


.8. 
its- 
lee. 

■gl. 

..,-;.^f .' " 

; 

•*••>«        •  * 


i 


I 


f 


\ 


Md 


